CNN money.com recently featured an article that highlighted a disturbing trend: "Distressed properties, the foreclosures and short sales that have flooded the market, accounted for 45% of all deals -but these heavily discounted homes have also pushed median prices down."
This means that "comps" are not accurate and cannot be relied on since it's difficult to adjust statistics to account for foreclosures and short sales.
In turn, property owners (with good credit and verifiable income) wanting to refinance and take advantage of advertised low interest rates, are being declined by banks on the basis that their property has devalued substantially. Is this fair?
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